House Panel Starts Reviewing Fed Documents on LIBOR

Bloomberg reported that a U.S. House subcommittee received more than 5,000 pages of documents it requested on the Federal Reserve Bank of New York’s communications on how the London interbank offered rate (LIBOR) was set.

The article said the documents show “that the New York Fed helped to identify the problem of under-reporting of LIBOR, briefed U.S. Treasury and other regulatory agencies on the issue and worked to address the problem at its core by pressing for reform of the flawed LIBOR rate-setting process in London,” citing Krishna Guha, a New York Fed spokesman.